Direct Property Fund has maintained the value of its portfolio at $376 million and has what all property companies envy: 100% occupancy.All of the unlisted company's 34 buildings are fully tenanted, and the weighted average lease term is seven and a half
Direct Property Fund has maintained the value of its portfolio at $376 million and has what all property companies envy: 100% occupancy.
All of the unlisted company’s 34 buildings are fully tenanted, and the weighted average lease term is seven and a half years.
Direct Property Fund managing director Greg Reidy told NBR that last year the portfolio value was around the $350 million mark, and now it has acquired more buildings.
In June last year it bought Fisher & Paykel’s factory and head office at East Tamaki. Its focus is industrial, with more than 70% of its portfolio falling in to this category.
“We think that market’s still doing really well,” Mr Reidy said.
A capital raising can be expecting soon from Direct Property Fund.
“Every year we raise capital via a rights issue, we’re preparing the documents at the moment,” Mr Reidy told NBR. “Our intention is to raise more capital to acquire more property.”
Its assets include a building tenanted by Hewlett Packard in Mt Wellington, a Carter Holt Harvey property at Tauranga and the Wellington Lion Breweries building on Cable St.
